Mueller Water Products, Inc. Prices Initial Public Offering of Series A Common Stock at $16 per Share

TAMPA, Fla., May 25  /PRNewswire-FirstCall/ -- Mueller Water Products, Inc. (NYSE:MWA) announced today that its initial public offering of 25 million shares of its Series A common stock has been priced at $16.00 per share. Mueller Water Products, Inc. has also granted the underwriters a 30-day option to purchase up to 3.75 million additional shares of its Series A Common Stock to cover over-allotments, if any.  All the shares were sold by Mueller Water Products, Inc.  Mueller Water Products, Inc. is a wholly owned subsidiary, and upon completion of the offering will be a majority-owned subsidiary, of Walter Industries, Inc.

The underwriters for the offering are led by Banc of America Securities LLC, Morgan Stanley and Lehman Brothers as joint book-running managers, with SunTrust Robinson Humphrey, Goldman, Sachs & Co., Avondale Partners and Calyon Securities (USA) Inc. acting as co-managers.

A copy of the final prospectus relating to the offering may be obtained by contacting: Banc of America Securities LLC, Attn: Prospectus Department, 100 West 33rd Street, New York, NY 10001, 800-294-1322 or by e-mail at ; Morgan Stanley & Co. Incorporated, Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, 866-718-1649, or by e-mail at ; or Lehman Brothers Inc., c/o ADP, Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, NY 11717 or by fax at 631-254-7268 or by email at .

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

DATASOURCE: Mueller Water Products, Inc.



CONTACT:  Investors - Joseph J. Troy, Sr. Vice President,

[phone], , or Media - Michael A. Monahan, Director

- Corporate Communications, [phone], , both for

Mueller Water Products, Inc.



Web site:  http://www.muellerwaterproducts.com/

http://www.walterind.com/ 

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